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non-cash contributions
Posted: Wed Jan 20, 2016 11:48 am
by bcomeau
We have made the decision to not assign a value to a non cash contribution that might be made to our church. Rather than keep this information outside PowerChurch with a letter, I want to show this as a non-cash contribution and put the description into the memo. I am running into trouble though because PowerChurch isn't letting me enter "0.00" for the value.
Any thoughts on how to get around this?
Thanks,
Barb
Re: non-cash contributions
Posted: Thu Jan 21, 2016 6:15 pm
by NeilZ
bcomeau wrote:We have made the decision to not assign a value to a non cash contribution that might be made to our church. Rather than keep this information outside PowerChurch with a letter, I want to show this as a non-cash contribution and put the description into the memo. I am running into trouble though because PowerChurch isn't letting me enter "0.00" for the value.
Any thoughts on how to get around this?
Thanks,
Barb
Powerchurch will not allow a zero entry for any contribution entry, and there is no way around it other than assigning a value on the donation, or assign a nominal $.01 value.
According to the August 2015 IRS Pub 1828, Tax Guide for Churches & Religious Organization, the church does not have to give any statement, but the donor cannot claim a deduction without it. The statement must contain the description of the non-cash donation. I'm not sure that the memo line of the Contributions entry form will give you enough space to include a proper description of some donations.
This is why it is suggested to send a letter, and either keep a hard copy for four years or keep the soft copy (usually a word processor file) on a network drive archive.